Renewable energy including solar and wind will be used to meet 53% of Europe's energy needs by 2030, according to a new study issued by Wood Mackenzie.
The study suggests that most of the region is on track to meet their individual national Energy and Climate Plans, with wind and solar technologies expected to see continued growth.
The report notes that annual power supply from wind and solar will likely exceed production from coal in Europe across 2019, thanks to higher emissions costs, competitive gas and phaseout policies impacting fossil fuel’s remaining hold on the market.
Whilst nuclear remains Europe’s single-largest source of power, it is also set to decline as ageing reactors are retired and “very little new build is seen”.
The study also notes an expected rise in gas’ contribution to the energy mix as coal and nuclear generation fall, surpassing production from nuclear by the mid-2020s.
Wood Mackenzie believes that by this date gas will be rivalled by wind and solar, with wind eventually producing more electricity than gas towards the end of the decade.
In the long-term, the report predicts renewables accounting for 60% of the market by 2040, however, governments, regulators and investors must work hard toward climate-energy goals to see these realised.